Black Hills Corporation (BKH) reported $2.34B of revenue for the twelve months ended Sep 30, 2026. That is up 2.8% from the year before. Revenue for fiscal 2025 was $2.31B.

Yes. Black Hills Corporation earned $319.50M in net income for the twelve months ended Sep 30, 2026, a net margin of 13.7%.

How much cash and debt does BKH have?

Black Hills Corporation reported $18.20M in cash and cash equivalents and $4.41B of debt on its most recent balance sheet in SEC filings.

How fast is BKH revenue growing?

Black Hills Corporation's revenue changed +8.6% in fiscal 2025, to $2.31B. Its compound annual growth rate was +6.4% over 5 years and +6.2% over 10 years.

What is BKH free cash flow?

Black Hills Corporation generated -$314.90M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $710.70M less capital expenditures.

What is BKH earnings per share?

Diluted earnings per share were $4.16 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did BKH last report financial results?

The latest statements here come from Black Hills Corporation's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.

Where does this BKH financial data come from?

Quantisnow builds these statements from the structured XBRL data Black Hills Corporation files with the SEC. It is provided for information only and is not investment advice.

Financials · BKH

Black Hills Corporation (BKH) financials

For the twelve months ended Sep 30, 2026, Black Hills Corporation reported $2.34B of revenue and $319.50M of net income.

Revenue, TTM: $2.34B
Revenue growth, YoY: +2.8%
Net income, TTM: $319.50M
Net income growth, YoY: +10.9%
Net margin: 13.7%
Free cash flow, TTM: -$314.90M
EPS, diluted, TTM: $4.16
EPS growth, YoY: +5.3%
Cash: $18.20M
Total debt: $4.41B
P/E: 20.26
P/S: 2.77
Market cap: $6.47B

Annual revenue$2.31B

FY2016FY2025

Annual net income$291.60M

FY2016FY2025

Annual free cash flow-$146.40M

FY2016FY2025

BKH revenue and earnings growth

BKH revenueQ3 2026$466.10M

Quarter YoY: +8.3%
QoQ: +2.9%
FY YoY: +8.6%
5Y CAGR: +6.4%
10Y CAGR: +6.2%

BKH revenue was $466.10M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.3% from a year earlier and up 2.9% from the prior quarter. For the full fiscal 2025 it was $2.31B, up 8.6% from fiscal 2024. Compound annual growth was +6.4% over 5 years and +6.2% over 10 years. It rose in 6 of the last 10 fiscal years.

BKH net incomeQ3 2026$41.00M

Quarter YoY: +64.7%
QoQ: +1.5%
FY YoY: +6.8%
5Y CAGR: +5.1%

BKH net income was $41.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 64.7% from a year earlier and up 1.5% from the prior quarter. For the full fiscal 2025 it was $291.60M, up 6.8% from fiscal 2024. Compound annual growth was +5.1% over 5 years. It rose in 8 of the last 9 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

BKH EPSQ3 2026$0.54

Quarter YoY: +58.8%
QoQ: +8.0%
FY YoY: +1.8%
5Y CAGR: +1.7%

BKH diluted EPS was $0.54 in fiscal Q3 2026 (ended Sep 30, 2026), up 58.8% from a year earlier and up 8.0% from the prior quarter. For the full fiscal 2025 it was $3.98, up 1.8% from fiscal 2024. Compound annual growth was +1.7% over 5 years.

BKH free cash flowQ3 2026-$99.20M

BKH free cash flow was -$99.20M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$89.50M a year earlier. For the full fiscal 2025 it was -$146.40M, compared with -$24.90M in fiscal 2024.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$2.31B	$2.13B	$2.33B	$2.55B	$1.95B	$1.70B	$1.73B	$1.75B	$1.68B	$1.54B
Operating income	$537.50M	$503.10M	$472.70M	$455.20M	$409.40M	$428.30M	$406.04M	$397.04M	$416.74M	$336.18M
Interest expense	$200.10M	$181.70M	$167.90M	$161.00M	$152.40M	$143.47M	$137.66M	$139.97M	$137.10M	$136.11M
Pre-tax income	$343.50M	$320.00M	$301.60M	$296.00M	$258.40M	$275.68M	$242.90M	$255.88M	$281.74M	$205.89M
Income tax	$43.70M	$36.30M	$25.60M	$25.20M	$7.20M	$32.92M	$29.58M	-$23.67M	$73.37M	$59.10M
Net income	$291.60M	$273.10M	$262.20M	$258.40M	$236.70M	$227.61M	$199.31M	$258.44M	$177.03M	$72.97M
EPS, basic	$3.99	$3.91	$3.91	$3.98	$3.74	$3.65	$3.29	$4.75	$3.33	$1.41
EPS, diluted	$3.98	$3.91	$3.91	$3.97	$3.74	$3.65	$3.28	$4.66	$3.21	$1.37
Diluted shares	73.2M	69.9M	67.1M	73.2M	63.3M	62.4M	60.8M	55.5M	55.1M	53.3M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$182.80M	$23.40M	$93.00M	$27.00M	$13.80M	$10.70M	$13.66M	$24.14M	$18.24M	$15.79M
Receivables	$389.00M	$351.20M	$350.30M	$508.20M	$321.65M	$265.96M	$255.81M	$269.15M	$248.33M	$259.31M
Inventory	$172.40M	$153.90M	$160.90M	$207.40M	$150.98M	$117.40M	$117.17M	$117.30M	$113.28M	$103.61M
Current assets	$995.90M	$742.30M	$826.60M	$1.07B	$808.13M	$493.29M	$473.18M	$503.83M	$570.78M	$466.81M
Goodwill	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B
Total assets	$10.87B	$10.02B	$9.62B	$9.62B	$9.13B	$8.09B	$7.56B	$6.96B	$6.66B	$6.54B
Current liabilities	$740.00M	$763.40M	$1.19B	$1.67B	$901.71M	$696.53M	$811.29M	$648.23M	$649.10M	$527.93M
Short-term debt	$0	$0	$600.00M	$525.00M	$0	$8.44M	$5.74M	$5.74M	$5.74M	$5.74M
Long-term debt	$4.70B	$4.25B	$3.80B	$3.61B	$4.13B	$3.53B	$3.14B	$2.95B	$3.11B	$3.21B
Total debt	$4.70B	$4.25B	$4.40B	$4.13B	$4.13B	$3.54B	$3.15B	$2.96B	$3.12B	$3.22B
Total liabilities	$6.96B	$6.44B	$6.31B	$6.53B	$6.24B	$5.43B	$5.09B	$4.68B	$4.84B	$4.81B
Shareholders' equity	$3.82B	$3.59B	$3.31B	$3.09B	$2.89B	$2.66B	$2.46B	$2.29B	$1.82B	$1.73B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$673.40M	$719.30M	$944.40M	$584.80M	-$64.60M	$541.86M	$505.51M	$488.81M	$428.26M	$320.48M
Capital expenditures	$819.80M	$744.20M	$555.60M	$604.40M	$677.50M	$767.40M	$818.38M	$457.52M	$326.01M	$454.95M
Free cash flow	-$146.40M	-$24.90M	$388.80M	-$19.60M	-$742.10M	-$225.54M	-$312.86M	$31.29M	$102.25M	-$134.47M
Investing cash flow	-$828.20M	-$746.00M	-$536.70M	-$603.90M	-$664.20M	-$761.66M	-$816.21M	-$465.85M	-$317.12M	-$1.59B
Financing cash flow	$321.80M	-$42.90M	-$341.70M	$32.30M	$731.90M	$216.88M	$300.21M	-$17.06M	-$108.69M	$841.00M
Dividends paid	$197.90M	$182.30M	$168.10M	$156.70M	$145.00M	$135.44M	$124.65M	$106.59M	$96.74M	$87.57M
Stock-based compensation	$11.80M	$10.60M	$7.00M	$8.60M	$9.70M	$5.37M	$12.10M	$12.39M	$7.63M	$10.88M
Depreciation and amortization	$283.80M	$270.10M	$256.80M	$250.90M	$236.00M	$224.46M	$209.12M	$196.33M	$188.25M	$175.53M

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	8.6%	-8.7%	-8.6%	30.9%	14.9%	-2.2%	-1.1%	4.4%	9.2%	22.0%
Net income growth, YoY	6.8%	4.2%	1.5%	9.2%	4.0%	14.2%	-22.9%	46.0%	142.6%	-
EPS growth, YoY	1.8%	0.0%	-1.5%	6.1%	2.5%	11.3%	-29.6%	45.2%	134.3%	-
Operating margin	23.3%	23.6%	20.3%	17.8%	21.0%	25.2%	23.4%	22.6%	24.8%	21.8%
Net margin	12.6%	12.8%	11.2%	10.1%	12.1%	13.4%	11.5%	14.7%	10.5%	4.7%
Free cash flow margin	-6.3%	-1.2%	16.7%	-0.8%	-38.1%	-13.3%	-18.0%	1.8%	6.1%	-8.7%
Return on equity	7.6%	7.6%	7.9%	8.4%	8.2%	8.5%	8.1%	11.3%	9.7%	4.2%
Return on assets	2.7%	2.7%	2.7%	2.7%	2.6%	2.8%	2.6%	3.7%	2.7%	1.1%
Current ratio	1.35	0.97	0.70	0.64	0.90	0.71	0.58	0.78	0.88	0.88
Debt to equity	1.23	1.19	1.33	1.34	1.43	1.33	1.28	1.29	1.71	1.86

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$466.10M	$452.80M	$780.70M	$635.50M	$430.20M	$439.00M	$805.20M	$597.10M	$401.60M	$402.60M	$726.40M	$591.70M
Operating income	$98.10M	$97.00M	$201.90M	$171.40M	$78.70M	$82.50M	$205.00M	$163.30M	$75.80M	$70.60M	$193.30M	$136.50M
Interest expense	$50.10M	$51.60M	$51.90M	$50.50M	$49.40M	$48.90M	$51.30M	$49.80M	$45.20M	$42.60M	$44.00M	-
Pre-tax income	$49.30M	$45.60M	$150.70M	$125.90M	$29.90M	$33.20M	$154.50M	$113.80M	$29.30M	$28.40M	$148.50M	$92.90M
Income tax	$5.80M	$5.20M	$17.60M	$17.20M	$4.00M	$4.40M	$18.10M	$12.70M	$2.90M	$3.70M	$16.90M	$9.60M
Net income	$41.00M	$40.40M	$133.10M	$105.00M	$24.90M	$28.80M	$136.40M	$98.10M	$24.40M	$24.70M	$131.60M	$79.70M
EPS, basic	$0.54	$0.50	$1.74	$1.40	$0.34	$0.38	$1.87	$1.35	$0.35	$0.33	$1.88	$1.16
EPS, diluted	$0.54	$0.50	$1.73	$1.39	$0.34	$0.38	$1.87	$1.36	$0.35	$0.33	$1.87	$1.16
Diluted shares	76.4M	76.1M	75.6M	-	72.9M	72.4M	71.8M	-	70.6M	69.0M	68.3M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$18.20M	$71.50M	$23.60M	$182.80M	$29.10M	$15.80M	$14.10M	$23.40M	$19.60M	$631.70M	$129.70M	$93.00M
Receivables	$256.80M	$282.10M	$383.40M	$389.00M	$251.40M	$260.80M	$377.90M	$351.20M	$205.40M	$221.50M	$334.40M	$350.30M
Inventory	$186.30M	$157.90M	$146.80M	$172.40M	$173.00M	$145.20M	$128.10M	$153.90M	$155.40M	$134.80M	$130.60M	$160.90M
Current assets	$694.30M	$745.10M	$788.20M	$995.90M	$667.60M	$608.40M	$708.10M	$742.30M	$599.50M	$1.17B	$797.60M	$826.60M
Goodwill	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B	$1.30B
Total assets	$11.14B	$11.04B	$10.82B	$10.87B	$10.33B	$10.09B	$10.06B	$10.02B	$9.72B	$10.19B	$9.68B	$9.62B
Current liabilities	$1.47B	$1.43B	$1.22B	$740.00M	$734.60M	$953.90M	$928.90M	$763.40M	$536.20M	$1.11B	$1.09B	$1.19B
Short-term debt	$410.00M	$410.00M	$410.00M	$0	$126.00M	$300.00M	$300.00M	$0	$0	$600.00M	$600.00M	$600.00M
Long-term debt	$4.00B	$3.99B	$3.99B	$4.70B	$4.25B	$3.95B	$3.95B	$4.25B	$4.25B	$4.25B	$3.80B	$3.80B
Total debt	$4.41B	$4.40B	$4.40B	$4.70B	$4.38B	$4.25B	$4.25B	$4.25B	$4.25B	$4.85B	$4.40B	$4.40B
Total liabilities	$7.11B	$7.01B	$6.79B	$6.96B	$6.48B	$6.37B	$6.34B	$6.44B	$6.19B	$6.74B	$6.25B	$6.31B
Shareholders' equity	$3.95B	$4.02B	$4.03B	$3.82B	$3.85B	$3.72B	$3.72B	$3.59B	$3.53B	$3.44B	$3.42B	$3.31B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$171.30M	$195.10M	$176.20M	$168.10M	$88.90M	$188.60M	$227.80M	$153.20M	$102.10M	$230.60M	$233.40M	$188.40M
Capital expenditures	$270.50M	$218.10M	$267.40M	$269.60M	$178.40M	$218.90M	$152.90M	$213.70M	$188.10M	$166.20M	$176.20M	$133.80M
Free cash flow	-$99.20M	-$23.00M	-$91.20M	-$101.50M	-$89.50M	-$30.30M	$74.90M	-$60.50M	-$86.00M	$64.40M	$57.20M	$54.60M
Investing cash flow	-$271.60M	-$222.10M	-$270.00M	-$271.80M	-$180.20M	-$221.00M	-$155.20M	-$214.00M	-$191.30M	-$163.80M	-$176.90M	-$132.90M
Financing cash flow	$47.30M	$75.10M	-$65.20M	$265.00M	$104.60M	$34.10M	-$81.90M	$64.60M	-$522.90M	$435.20M	-$19.80M	-$563.00M
Dividends paid	$53.60M	$53.50M	$53.10M	$51.10M	$49.20M	$49.00M	$48.60M	$46.50M	$46.50M	$44.90M	$44.40M	$42.70M
Stock-based compensation	$3.10M	$3.20M	$3.20M	$3.80M	$2.30M	$3.10M	$2.60M	$2.40M	$2.80M	$3.00M	$2.40M	$2.40M
Depreciation and amortization	$76.20M	$75.30M	$74.80M	$73.30M	$71.50M	$69.80M	$69.20M	$68.30M	$69.30M	$66.60M	$65.90M	$65.60M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	8.3%	3.1%	-3.0%	6.4%	7.1%	9.0%	10.8%	0.9%	-1.4%	-2.1%	-21.1%	-25.2%
Net income growth, YoY	64.7%	40.3%	-2.4%	7.0%	2.0%	16.6%	3.6%	23.1%	-46.3%	-7.1%	12.1%	10.0%
EPS growth, YoY	58.8%	31.6%	-7.5%	2.2%	-2.9%	15.2%	0.0%	17.2%	-47.8%	-5.7%	8.1%	6.4%
Operating margin	21.0%	21.4%	25.9%	27.0%	18.3%	18.8%	25.5%	27.3%	18.9%	17.5%	26.6%	23.1%
Net margin	8.8%	8.9%	17.0%	16.5%	5.8%	6.6%	16.9%	16.4%	6.1%	6.1%	18.1%	13.5%
Free cash flow margin	-21.3%	-5.1%	-11.7%	-16.0%	-20.8%	-6.9%	9.3%	-10.1%	-21.4%	16.0%	7.9%	9.2%
Current ratio	0.47	0.52	0.65	1.35	0.91	0.64	0.76	0.97	1.12	1.06	0.73	0.70
Debt to equity	1.11	1.09	1.09	1.23	1.14	1.14	1.14	1.19	1.20	1.41	1.29	1.33

Source: XBRL data Black Hills Corporation files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

BKH peers

Company	Revenue	Growth	Net income	Net margin	Market cap
BKH	$2.34B	+2.8%	$319.50M	13.7%	$6.47B
NEENextEra Energy Inc.	$27.87B	+10.3%	$8.18B	29.4%	$182.35B
SOSouthern Company	$30.17B	+7.9%	$4.34B	14.4%	$106.22B
CEGConstellation Energy Corporation	$31.27B	+26.0%	$3.48B	11.1%	$88.56B
AEPAmerican Electric Power Company Inc.	$22.43B	+9.3%	$3.72B	16.6%	$68.90B
DDominion Energy Inc.	$17.52B	+17.5%	$2.95B	16.9%	$60.33B
ETREntergy Corporation	$13.29B	+11.4%	$1.79B	13.4%	$52.82B
VSTVistra Corp.	$19.60B	+4.1%	$2.22B	11.3%	$41.89B
FTSFortis Inc.	C$12.17B	+5.8%	C$1.71B	14.1%	$31.00B

BKH FAQ

8 questions

What is BKH revenue?
Black Hills Corporation (BKH) reported $2.34B of revenue for the twelve months ended Sep 30, 2026. That is up 2.8% from the year before. Revenue for fiscal 2025 was $2.31B.
Is BKH profitable?
Yes. Black Hills Corporation earned $319.50M in net income for the twelve months ended Sep 30, 2026, a net margin of 13.7%.
How much cash and debt does BKH have?
Black Hills Corporation reported $18.20M in cash and cash equivalents and $4.41B of debt on its most recent balance sheet in SEC filings.
How fast is BKH revenue growing?
Black Hills Corporation's revenue changed +8.6% in fiscal 2025, to $2.31B. Its compound annual growth rate was +6.4% over 5 years and +6.2% over 10 years.
What is BKH free cash flow?
Black Hills Corporation generated -$314.90M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $710.70M less capital expenditures.
What is BKH earnings per share?
Diluted earnings per share were $4.16 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did BKH last report financial results?
The latest statements here come from Black Hills Corporation's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
Where does this BKH financial data come from?
Quantisnow builds these statements from the structured XBRL data Black Hills Corporation files with the SEC. It is provided for information only and is not investment advice.